Twice as many millionaires to leave S. Korea in 2023: report

Amid the increasing trend for high-net-worth individuals to migrate
to other countries, more than 800 Korean millionaires, which is double
the amount compared to last year, are expected to migrate to foreign
countries in 2023, a report said.

Yep, they were just waiting for the lifting of travel restrictions. Then zoom.

http://www.koreaherald.com/view.php?ud=20230615000664

If I had a surfeit of liquid cash you wouldn't see me for dust.

How much you want to bet a significant number of them either return or end up spending months at a time back in Korea?

Twice as many English teachers have left too.

How much you want to bet a significant number of them either return or end up spending months at a time back in Korea?

Why do you think that?

or end up spending months at a time back in Korea?

i assume the goal here is to park their money somewhere with relatively low taxes? with that achieved they may as well

i assume the goal here is to park their money somewhere with relatively low taxes? with that achieved they may as well

I disagree.  A millionaire is someone who owns about 1.3 billion won.
Not really a fantastic amount by today's standards. Also, most western
countries have higher tax rates than Korea.

Why do you think that?

Because that's what the Koreans I know and have met in the US do.

Because that's what the Koreans I know and have met in the US do.

gogators! is right on this. Most Koreans who have the means split time between both countries.

gogators! is right on this. Most Koreans who have the means split time between both countries.

Isn't that generally typical of any member of a diaspora with the means?

Isn't that generally typical of any member of a diaspora with the means?

Some can't go back for political reasons, e.g., the Russians who recently left Russia. I have a neighbor who said it would be dangerous for him to go back to Cambodia. Cubans don't go back. I think there are plenty of countries that people don't want to return to on a regular basis.

I did know ONE Korean with a fair amount of money who didn't go back. At least, not for a very specific duration of time. Seemed to coincide with the 20 year anniversary of his arrival in the U.S., which coincidentally coincided with the collapse of some Korean banks. His former career? Banking. Executive level.

Hmm.....